Will X Payments launch this year? Outlook not so good.
  • cbarrick@lemmy.worldEnglish
    48·
    2 months ago

    What could Twitter possibly offer to make me switch banks?

    What could Twitter possibly offer to make me switch brokers?

    What could Twitter possibly offer to make me switch from Venmo and PayPal?

    Which Americans are not in a similar position?

    X Payments is doomed to fail. He missed the boat. The market is already saturated, and they’ve lost all brand loyalty.

    • fluxion@lemmy.worldEnglish
      301·
      2 months ago

      I ain’t linking any bank accounts to that dystopian cesspool and its tyrant CEO with no regard for rule of law who constantly steps on legal landmines and skirts all regulations and precautions.

      Like…PayPal had some bad practices, but nothing like the incompetence and complete disdain for his own users/customers that Musk brings to the table

    • Evotech@lemmy.worldEnglish
      325·
      2 months ago

      That’s av incredibly naive take, new actors come in all the time. Just late it cheaper and better.

      • conciselyverboseEnglish
        352·
        2 months ago

        They rarely come onto the market with such a hugely toxic brand name. Big banks survive their bad shit through the inertia of having massive customer bases; they don’t enter the scene already known as a shitshow.

    • fluxion@lemmy.worldEnglish
      25·
      2 months ago

      PayPal was a service provided by a different company, Confinity, founded by Peter Thiel and others.

      Musk didn’t really have anything to do with it. He, with others, founded X.com, that was meant to be an online banking system, and sort of became a competitor to PayPal.

      Eventually they merged and Musk became CEO and highest shareholder. 6 months later the board of directors replaced him with Thiel while he was out of the country, but Musk still made a fortune with his shares.

    • Revan343@lemmy.caEnglish
      11·
      2 months ago

      How involved was he in the making of any company he’s ‘involved’ in?

      As a general rule, not very. Musk doesn’t create shit, he buys shit then profits off of other people’s work

    • Virkkunen@fedia.io
      31·
      2 months ago

      Probably the same as everything else (except Twitter): he gave them money and took credit for everything

    • WashedOver@lemmy.caEnglish
      1·
      2 months ago

      He was a part of the story. The book The Founders goes into the beginnings of PayPal, Ebay, the other players, Elon being brought in, and Elon’s origins. A good read and it’s not all about Musk.

  • Jagothaciv@kbin.earth
    5·
    2 months ago

    I remember the early days of Paypal and eBay in the early 00’s. We were always on the phone with them trying to get payments unblocked. We were doing serious volume and they couldn’t keep up. They charged so many fees at the time it was basically robbery. A solid portion of overhead was fees to both companies. And it was a complicated mess. $0.50 and then 0.5% on the first $25 and then 0.257% on $26+ or something weird. Like wtf? Leon math.

    And chargebacks were insane. They had no real trust and safety for sellers. It was wild back then. Plenty of scams.